The jobs collapse

Another warm summer day in Obama's America; we can only grimace in pain at the ugly repetitive news that erodes our county's character and grimly reminds us how much real damage this Administration's failed economic policy has inflicted on the citizens of this nation.  From sfgate, the San Francisco Chronicle's website:   Cisco Systems Inc., the world's largest maker of computer-networking gear, is reducing its work force by about 9 percent to reduce costs and raise profits as the company tries to become more competitive. Monday's announcement to cut 6,500 of its roughly 73,000 worldwide employees follows up on a plan disclosed in May to eliminate thousands of jobs. Two-thirds will come through layoffs, and the rest through an early-retirement plan. The company said 15 percent of employees at or above the level of vice president are being eliminated. Cisco has long been a high-growth company, but after rebounding from the recession, its sales started stalling about a year...(Read Full Post)